Nearing a Critical Area on the Charts
The higher the S&P goes, the more likely it pulls back.
Our View
More than a week ago, I became a “hesitant bull,” thinking that the S&P could go up, but concerned by the overall downtrend that still looms in the market.
But we are not selling off right now! In fact it’s quite the opposite. The S&P was up 9.1% in July, making it the best July since 1939. In addition to the big monthly gain, the ES has rallied…